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20130104
20130112
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Q & A 2
STATION
CSPAN2 2
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CSPAN
Jan 10, 2013 7:00pm EST
the treasury secretary tim geithner. people came with a wall street. their biggest concern was protecting the banks, protect them if they saw. but they didn't have people sensitive to the issues. if you shovel hundreds of billions of dollars out for me you have real vulnerabilities to fraud. there says that will try to steal that money. they are not as attuned to complex adventures. we were cognizant of the fact he needed a degree of skepticism with people and institutions they were interacting. so our role and what the role of all ig should be as the voice of the taxpayer, to be the institutional concept of pushing back when money is pushed out with not enough strings attached whenever potential longer abilities to fraud but frankly if you have a career at goldman sachs coming your not really sensitive to when you push this money out. one of the things i saw was this presumption of goodness that these banks and executives would never, ever take advantage of the taxpayer by putting their profit interest over that of the public interest and i think our voices of skepticism to bring that ba
CSPAN
Jan 9, 2013 7:00pm EST
with the republican party was also there. can duberstein was a member of the board. seal the seams. tim geithner is in your book, nor treasury secretary. was his relationship to all this? >> guest: tim geithner is the president of the new york fed during the years when regulation became extremely lax in this country for financial institutions and particularly new york, citibank was the purview of the new york fed and obviously not paying attention because citibank became one of the biggest nightmares of the bailout brigade. so tim geithner was really at the creation of this kind of belief that banks could set their own capital standards, which are riveted for a wonderful thing that spreads risk and financial innovation was not to be stopped. there's all this kind of mindset really came down from greenspan i think, who said it really was anti-regulation, not interested in making sure that financial products that were sold to people were not going to go up on them five minutes later. and so, there was a tone that bankers would never do anything so silly as to take the risks that would load themsel
Search Results 0 to 1 of about 2